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Insurance is a vital risk mitigating weapon in our day to day life. To be frank, our future is uncertain and so from the early age, insurance has been used by people for financial support in a cooperative form. Similarly, insurance is common since independence of the Bangladesh. So far 78 insurance companies are doing business in which 32 companies belong to life insurance.

Digital insurance is purchasing insurance using digital technology more specifically buying insurance online basically through mobile app or website. It is basically known as online insurance. One can conduct all the activities completely online for buying an insurance policy and also pay the premium online for being under coverage instantly. The very distinctive proposition of digital insurance is the availability. It is available all the time whether day or night. Besides, one can buy digital insurance without the hustle of medical test and filling-up a form and clicking some box one can buy the policy and get the money receipt instantly.

Bangladesh, a rapidly developing economy termed by many as the next Asian Tiger recently in process of graduating into a Developing Country from LDC. Registering a consistent GDP growth of 7% and massive improvements in infrastructure development; with over 350% growth in power generation, over 148 million mobile subscribers (90% penetration) & 83 million internet subscribers (51% penetration), Bangladesh is shifting towards creative economy. However, when it comes to the insurance sector, penetration stands at a mere 3% – 4% (including formal & informal sector), necessitating a massive need for overhauling. In such a situation, the progressive Insurance Companies have a pivotal role to play in developing this industry along with regulators. Guardian Life Insurance Limited (GLIL), since its inception has been trying to do just that.

Operating under the guidance of the visionary entrepreneurs of BRAC, Square Group & Apex Group, GLIL always tried to challenge the status quo and introduce new business models. Leading the industry with paradigm shift is what GLIL is known for. Being the “best group insurer” and pioneer of “financial inclusion” through micro insurance has made GLIL already a rather well reputed Life Insurance brand in the country. It is the fastest growing life Insurance Company of Bangladesh covering over 6.4 million lives.

GLIL with its inquisitive interest innovative business approach has already bagged the award for “Innovative Insurance Product of the Year” at Insurance Asia Awards 2017. GLIL has had quite a fabulous 2017; 2018 also started on a very high note. The team demonstrated true innovative approach with introduction of MyGuardian Digital Platform which includes the launching of MyGuardian self-care app and MyGuardian Web Portal. Both these digital applications are avenues for current & potential policyholders to get a better customer experience.

The company is moving strong with robust CAGR over the last four years; Total Premium grew by 250%, Life Fund by 394%, Assets by 90%& Investments by 85% respectively.Management expense ratio is also the lowest in country standing at 10.87% in 2017.

Besides, so far Guardian Life is the only company which is selling digital life insurance in Bangladesh. ‘EasyLife’ is the full-fledged digital life insurance which provide coverage on death or total permanent disability only. That means it is a pure insurance where the insured will get benefit if he or she face two situation for any reason that is total permanent disability or death (if death occurs, the nominee will enjoy the benefits).EasyLife also has premium refund option where if anyone takes that premium refund option he or she will get the deposited premium after the maturity that is end of the policy term but no profit or bonus will be given. This product is designed in this way so that the premium can be fixed as low as possible and that’s why one will find the premium very low compared to the other insurance policy available in the market. People from 18 to 45 years old may purchase the policy and get the coverage of Tk. 1 lac to Tk.10 lac under the service (you can check the premium by downloading EasyLife App from play store or vising the website: )

The new generation is highly techno savvy and for this techno savvy generation digitalized insurance product is a need. Besides, internet user is increasing significantly and people are also being used to in online purchase. To capitalize this opportunity, the innovation in the insurance industry, its process and also the products need to be initiated soon.



The writer is the Executive Officer of GLIL. E-mail:

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